This quiz works best with JavaScript enabled. Home > Accounting > Accountancy > Accountancy – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Accountancy Quiz 19 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A and B are partners. B withdraws a fixed amount at the END of every MONTH. IOD is charged at 15%p.a. At the end of the year, interest on B's Drawings amounts to rs 1650. Drawings of B were: A) 24000 p.m. B) 24000. C) 12000. D) 10000. Show Answer Correct Answer: B) 24000. 2. Sale of goods to ram for cash is debited to A) Ram account. B) Cash account. C) Sales account. D) Stock account. Show Answer Correct Answer: B) Cash account. 3. Sold goods on credit effects on A) Goods only. B) Debtors only. C) Goods and Debtors. D) Cash and Debtors. Show Answer Correct Answer: C) Goods and Debtors. 4. Credit balance of $ 100. Credit entry of $ 100. what's the balance A) 0. B) Credit of 100. C) Credit of 200. D) None of above. Show Answer Correct Answer: A) 0. 5. AMOUNT WITHDRAWN BY OWNER FOR PERSONAL USE FROM BUSINESS IS KNOWN AS A) CAPITAL. B) DRAWINGS. C) ASSETS. D) LIABILITIES. Show Answer Correct Answer: B) DRAWINGS. 6. Sale of goods to Manju for cash should be debited to ..... A) Manju's A/c. B) Cash A/c. C) Sales A/c. D) None. Show Answer Correct Answer: B) Cash A/c. 7. Not for profit organistions are A) Service providing. B) Profit seeking organisation. C) Both. D) None. Show Answer Correct Answer: A) Service providing. 8. AN ACCOUNTING PERIOD STARTS FROM A) 1ST APRIL. B) 1ST MARCH. C) 1ST JULY. D) 1ST JANUARY. Show Answer Correct Answer: A) 1ST APRIL. 9. ..... is created out of uncalled capital. A) Reserve capital. B) Capital reserve. C) Called up capital. D) Subscribed capital. Show Answer Correct Answer: A) Reserve capital. 10. Payment of rupees 6000 as wages to workers for installation of machine should be debited to A) Wedges account. B) Repairs account. C) Machinery account. D) None of above. Show Answer Correct Answer: C) Machinery account. 11. Cash purchase of goods is recorded in- A) Purchase book. B) Sales book. C) Cash book. D) None of these. Show Answer Correct Answer: C) Cash book. 12. Book-keeping is- A) An art. B) A science. C) An art and science both. D) None of these. Show Answer Correct Answer: C) An art and science both. 13. Return outward is deducted from? A) Sales. B) Purchase. Show Answer Correct Answer: B) Purchase. 14. Out of the following assets which one is not an intangible asset?a) A) Patents. B) Investment. C) Goodwill. D) Trade mark. Show Answer Correct Answer: B) Investment. 15. Which of the following is an example of Income A) Sales. B) Mortgage. C) Equipment. D) None of above. Show Answer Correct Answer: A) Sales. 16. A sole proprietor has a limit in which of the following ability A) Managerial. B) Owner. C) Worker. D) None of these. Show Answer Correct Answer: A) Managerial. 17. A, B and C are partners sharing profits in the ratio of 1/4:3/10:9/20. The New ratio on the retirement of C will be A) 4:10. B) 4:3. C) 6:5. D) 5:6. Show Answer Correct Answer: D) 5:6. 18. Separate legal entity is not a feature of a company A) True. B) False. Show Answer Correct Answer: B) False. 19. The reconstitution of the partnership requires a revision of the existing partners A) Profit sharing ratio. B) Capital ratio. C) Sacrificing ratio. D) None of above. Show Answer Correct Answer: A) Profit sharing ratio. 20. In the absence of an agreement partners are entitled to A) Salary. B) Commission. C) Int. On loan. D) Int. Capital. Show Answer Correct Answer: C) Int. On loan. ← PreviousNext →Related QuizzesAccounting QuizzesAccountancy Quiz 1Accountancy Quiz 2Accountancy Quiz 3Accountancy Quiz 4Accountancy Quiz 5Accountancy Quiz 6Accountancy Quiz 7Accountancy Quiz 8Accountancy Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books